🇺🇸 Kevin Warsh will be sworn in this Friday and officially lead the Federal Reserve.
• Current Fed rate range: 3.50–3.75%. The next meeting is on June 16-17.
• According to #cme FedWatch, the probability of a rate hike by 25 bps for the December meeting has increased to 37.4% from just 0.5% a month ago.
• Inflation in the US has accelerated again: April #cpi rose to 3.8% year-on-year, core inflation at 2.8%.
Previously, investors anticipated rate cuts from the Fed to support risk assets, but now the logic is shifting: oil, #Inflation , and bond yields are prompting the market to expect that the Fed may not ease policy but instead raise rates again. This is an unfavorable signal for stocks and cryptocurrencies.
Earlier: Warsh on #bitcoin
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